Yoav Zeif brings broad, global experience in industry transformation to Stratasys, having served in senior leadership roles for both public and private multi-billion-dollar corporations, leading worldwide operations across industries and professional domains. Zeif was President of the Americas Division, Head of Product Offering and Chief Commercial Officer at Netafim, the world’s largest micro-irrigation company, from 2013 to 2018. Prior to that, he was Senior Vice President of Products and Marketing at Makhteshim (now Adama Ltd.), a global crop-protection company, where he managed the entire portfolio of products and all global commercial relationships. From 2018 – 2020 Zeif was a partner in the New York office of McKinsey & Company.
Zeif obtained an Executive MBA from the Kellogg School of Management at Northwestern University and a Ph.D. in International Economics from Bar-Ilan University.
Financial results for the second quarter of 2021
Second Quarter 2021 Financial Results Summary Compared to Second Quarter 2020:
Revenue of $147.0 million compared to $117.6 million.
GAAP gross margin was 43.0%, compared to 37.2%.
Non-GAAP gross margin was 47.5%, compared to 45.4%.
GAAP operating loss was $22.7 million, compared to an operating loss of $29.3 million.
Non-GAAP operating loss was $2.6 million, compared to an operating loss of $8.1 million.
GAAP net loss was $20.2 million, or $0.31 per diluted share, compared to a net loss of $28.0 million, or $0.51 per diluted share.
Non-GAAP net loss was $1.6 million, or $0.02 per diluted share, compared to a net loss of $7.4 million, or $0.13 per diluted share.
Adjusted EBITDA was $3.5 million, compared to $(1.6) million.
Cash provided by operations of $5.6 million, compared to cash use of $9.7 million.
Dr. Yoav Zeif, Stratasys’s Chief Executive Officer stated, “Our strong second quarter results were highlighted by a 25% year over year revenue improvement with growth from all regions and all business lines. Our focus on manufacturing gained further traction, we increased the monetization and ecosystem partnerships of our software business, and we expanded our medical and dental offerings, advancing our plans for further penetration in the healthcare industry.”
Dr. Zeif continued, “The transition of the 3D printing industry from prototyping to mass production is ongoing, and our commitment to being the first choice in polymer 3D printing positions us to be the main benefactor. We are investing across technology, software, materials, and talent to capture increased market share that we expect will yield significant returns and sustained profitability in the years to come.”
Based on current market conditions and the impact related to the pandemic does not impede the economic environment further, the Company is reiterating and updating its outlook as follows:
Third quarter 2021 revenue of approximately 17% – 18% growth year-over-year. Fourth quarter revenue is expected to be sequentially higher than third quarter.
Full year operating expenses expected to rise approximately $30 million compared to 2020, primarily due to the return of employees to a full-time schedule starting in January 2021, as well as operating costs as the markets gradually re-open.
Full year capital expenditures anticipated to range from $24 million to $30 million.
Longer term, the Company continues to expect significant leverage benefit from its investments as revenue growth should start to accelerate in 2022 and beyond.
Stratasys is leading the global shift to additive manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products and healthcare. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions deliver competitive advantages at every stage in the product value chain. The world’s leading organizations turn to Stratasys to transform product design, bring agility to manufacturing and supply chains, and improve patient care.